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Importance of Fiduciary Responsibility

Finding qualified, independent financial advice should not be difficult. But with so many people claiming to be financial planners, financial advisors, financial coaches, or wealth managers, how do you know when you’veselected the professional with the best qualifications, not the best sales pitch?

Our mission is to assist you in your pursuit of a qualified, independent financial advisor.  We provide consumer advocacy resources and information about important issues such as advisor's credentials, independence and compensation.  Armed with this information, you will be better equipped to make an informed decision about the person you will entrust with your hard earned money.  

We also provide a FREE "Locate an Advisor" service. (See the yellow search box to the right.  Click on the arrow to access the drop down menu to search by state.) 

Unlike other online locator services, we do not request your personal contact information or financial information and "match" you with a financial advisor.  Our goal is to  equip and educate you with the knowledge to select your own independent advisor, based on your unique needs.

In simple terms, advisors with fiduciary responsibility have a legal responsibility to put your needs and best interests ahead of their own.

It is important to have a plan for finding an advisor with fiduciary responsibility -whose interests solely lie in helping you achieve your financial objectives - because your financial future

depends on the qualifications and objectivity of your advisor.

Before you begin your pursuit of locating an independent, qualified financial advisor, it is important for you to understand some basics about the financial services industry.

First, you need to educate yourself about the following critical aspects related to the competency and independence of a potential financial advisor:

• Credentials

• Compensation Models

• Holistic Knowledge and Experience in Financial Planning

• Fiduciary vs. Suitability Standards

Take Your Time

Don’t settle for the first financial advisor you find or the first one that is recommended.  

An all too common scenario is that you think that you have hired a financial advisor to develop a financial plan for you and your family. But after you engage the advisor he/she focuses solely on your investments and disregards other aspects of your financial life. Even worse, you could be pushed into investment or insurance products that are inappropriate for you.

Unfortunately, if you don’t prepare appropriately, you may find yourself in this exact situation.

Remember, anyone can call themselves a financial planner or financial advisor!  There are no minimum experience or education requirements by law at this time.  Spend the time to ask the right questions - your financial future depends on it!


Category: Advisor

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